Sell GLD (Not The Real Stuff), And Buy TLT?

The equity market looks pretty benign today, but the bond and commodity markets have all kinds of interesting activity. The commodity markets continue to get punished. Copper is continuing its sell off from yesterday. Perhaps even more interesting is the action in GLD. After its initial plunge in March, GLD rallied fiercely back to the trendline it had broken. Today (and this week generally) it is selling off hard. Is this the "kiss goodbye" (as Chris Kimble calls it), signalling new lows to follow?

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On the other side of the inflation question, Treasuries are also selling off hard. What's up with that? However, instead of being rejected at a major trend line, 30 year Treasuries (NYSEARCA:TLT) have retreated to one. We will see if it holds.

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If TLT fails to find support here, it bodes very poorly for the price as there is a multi-year Head and Shoulders in place. To further complicate the conflicting signals out there today, JNK is also selling off after hitting resistance. Turns out all the fun is outside of equities today.